Foreclosure Intervention Event Held By Bank of America

Numerous Bank of America Associates will be on hand at the Atlantic City Convention Center to work with customers who are delinquent with their mortgage payments starting today through Saturday.

Phillipa Ashby, Vice President of Bank of America National Mortgage Outreach, says "part of the help includes giving customers solutions regarding home retention as well as help customers who maybe want to have other choices but the bottom line is foreclosure avoidance."

Listen to a conversation with Phillipa Ashby

Ashby says they'll be there to do loan modifications, make referrals to the hardest hit fund and have counselors on hand to talk about budget counseling. She says it's all in an effort to help customers get into a good place with their homes.

When sharing her thoughts about the foreclosure crises, Ashby attributes the distress faced by many homeowners to a combination of tough life circumstances and a lack of reserved funds to weather the storms. She says many Americans don't have a rainy day fund. She says when a homeowner is released from employment, many don't have enough of a financial reserve on hand to sustain them until re-employment.

Ashby believes there a many ways they can help because many distressed homeowners aren't aware of all the options available to them. She says "many people don't even realize about modifications. That when they are delinquent they can go to their lender and talk to them to work through their current financial state and see how they can actually modify their loan." Ashby also says "the state and national government have many programs that are available to help with unemployment assistance and temporary forbearance."

Additionally, not only will bank of America will be present, there will be a number of local nonprofits on hand that will be working with homeowners at the event as well as provide followup and accountable to people facing challenges.

The Bank of America Home Owner Event is Free but they recommend that you register and make an appointment by calling toll free number 1-855-201-7426 or by going online to bankofamerica.com/homeownerevent. Appointments are available from 8:00 a.m. until 6:30 p.m. daily, and the event runs from 8:00 a.m. until 8 p.m. daily.

Ashby also recommends that people needing assistance bring certain documents with them such as: at least a month's worth of pay stubs, two months of bank statements, they should provide the last two years of their tax returns, they should also include homeowner association paperwork. You can get a full list of documents needed online again at bankofamerica.com/homeownerevent. She says underwriters will be on hand to help homeowners on the spot